SingPost’s group revenue rises 2.4% QoQ to $495.1m in Q3

The company attributed the increase to the growth in its logistics revenue.

Singapore Post recorded higher group revenue of $495.1m in Q3 FY22/23, its unaudited business update showed.

The group revenue increased by 2.4% and 13.4% compared to Q2 FY22/23 and Q3 FY21/22, respectively.

In a bourse filing, SingPost attributed the increase to the growth in its logistics revenue.

The revenue growth in the logistics segment also offset the decline in Post and Parcel contribution, according to Singpost.

“The increase in Logistics revenue was mainly due to 4PL operator Freight Management Holdings (“FMH”) in Australia. FMH continued to perform well, driven by business growth and inorganic contributions. Momentum in FMH’s B2B business remains strong, with increasing volumes from customers and acquisition of new customers,” SingPost reported.

“This helped to offset the impact of the eCommerce pullback in CouriersPlease’s B2C last-mile delivery business. The freight forwarding business, Famous Holdings, recorded lower revenue in Q3 in tandem with the decline in sea freight rates,” the company added.

Meanwhile, SingPost also reported a 15.3% YoY higher group operating expenses and a 10.3% YoY improvement in its operating profit in Q3.